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More Sellers are active in the Silver market
SILVER Price Analysis – 29 June
In case sellers are able to hold the $22 price level and the $21 support level is broken, silver’s price might decline and test the $20 and $19 support levels. The price resistance levels of $23 and $24 can be tested if demand picks up once the $22 level is broken higher.
XAGUSD Market
Key Levels:
Resistance levels: $22, $23, $24
Support levels: $21, $20, $19
XAGUSD Long-term trend: Bearish
Silver’s long-term outlook is unfavorable. The double-top chart pattern, which appeared for the first time at $25, is largely responsible for the beginning of a downward trend. More bearish candles have developed since May 5, and sellers have taken control of the silver market. As the price declines toward the low support level of $23, the buyers are attempting to minimize their losses. Price retracements are inevitable in a trending market; over the past two weeks, it happened to test the $24 resistance level once more. The market is currently dominated by sellers, and the price has reached a level of $21.
While the fast EMA is crossing the slow EMA downward, white metal is currently trading in a downward trend below the 9-period and 21-period exponential moving averages. The relative strength index period 14 signal lines pointing downward at 38. In case sellers are able to hold the $22 price level and the $21 support level is broken, silver’s price might decline and test the $20 and $19 support levels. The price resistance levels of $23 and $24 can be tested if demand picks up once the $22 level is broken higher.
XAGUSD Medium-term Trend: Bearish
The 4-hour chart for XAGUSD displays a bearish phase. At the $26 resistance level, the double-top bearish reversal chart pattern is formed. The price of Silver started to decline quickly after twice reaching a high of $26. As sellers gained momentum, the previous support levels of $24 and $23 changed into levels of resistance. The cost is getting cheaper still as it is targeting the $21 level.
A bearish market is present since the price of silver is currently trading beneath significant dynamic support levels. The relative strength index period 14 signal line is pointing downward at a level of 42, signaling a sell.
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